On April 30, the Shareholders’ Meeting approved the consolidated financial statements of Comer Industries Spa, global leader in the design and production of advanced engineering systems and mechatronic solutions for power transmission. Revenue reached a record high of more than 340 million euros, an increase compared to the previous year, despite the depreciation of major currencies against the euro and the phase of uncertainty that characterized the global markets. Sixty percent of revenue was gained in the European Union, of which 18% in Italy, 33% in North America and 7% throughout the rest of the world. Agricultural application products increased their percentage on the overall aggregate turnover, confirming it as Comer Industries’ leading sector.
EBITDA decreased to approximately 29,360 million euros (-12.5% compared to 2012), while net profit increased by 16.6% to 11,693 million euros. Both net financial position and equity are steadily improving, exhibiting a significant reduction of the net debt, an incremental increase in equity and a gearing (the ratio of net financial position to equity) equal to 0.19. The number of employees has risen as well, reaching the record number of 1,367, to adapt the company’s structure to growth forecast for 2014.
During the meeting, the new Board of Directors of Comer Industries was elected, now composed of Fabio Storchi, President and CEO, Fabrizio Storchi, Vice President and Managing Director, and Matteo Storchi, Sales and Marketing Director. Storchi, a graduate in Political Science from the University of Bologna, began working at Comer Industries in 2001, initially in the Human Resources department. Crucial in his career was the launch of Comer (Shanghai) Trading Co., Ltd., the sales subsidiary of Comer Industries in China, in which Storchi held the position of General Manager. From 2009 to 2014 he served as Director of Sales & Marketing.
Comer Industries’ 2013 Annual Report, “Excellence is the destination. Our business system is the way” is now online on the corporate website, detailing its financial data and giving an overview of the company’s 2013 activities and planned projects for 2014. Publication of the report represents a strive for excellence, to be achieved through continuous improvement, constant product and process innovation, enhancement of the talent and passion of all its associates.
"2013 was a difficult year, especially for Italy. Despite this, Comer Industries has continued to provide high levels of production and investment and increase employment," said President Fabio Storchi at the end of the General Meeting. "2014 will be a year of development for business activities and consolidated revenue: forecasts show an 8% increase over 2013. Comer Industries will continue to implement the Comer Business System (CBS), the new organizational model to achieve operational excellence at all levels of the organization. The enhancement and growth of associates will continue to play a leading role thanks to the activities of Comer Academy, the in-house training and management school of Comer Industries. In 2014, investments in production will have an acceleration phase to adjust production capacity to the expected medium term growth. We will also continue rebuilding work on the Reggiolo industrial site affected by the earthquake; the expansion and renovation will be completed in 2014, with the construction of a new plant covering 19,000 m2 (204,521 ft2) featuring the most advanced equipment and technology. "
